As the market tries to protect its recent gain, a well-known crypto analyst predicts 2 altcoin projects that will burst into bulls.
Cheds expects Bitcoin to decline in the short term
The crypto analyst nicknamed Cheds tweeted to his 274,100 followers that he is examining Bitcoin (BTC) with the 34-day EMA line. Cheds’ predictions are that the BTC price will see a recovery in the coming sessions. The analyst, who warns of a possible future price drop, states that Bitcoin has closed above this zone for the first time in the last 3 months. Sharing the graphic below on July 19, Cheds says:
First close above 34 daily EMA for BTC since April. There are some signs of a bearish bearish trend. So watch out for deviations.
cryptocoin.comAs you follow, Bitcoin price is currently up over 5% over the last 24 hours. It is trading at over $24,000 at the time of writing. Meanwhile, Ethereum price was around $1,600. ETH, which the analyst said will rise further, has gained more than 50% since last week.
Cheds sets next levels for leading altcoin
Cheds continues by addressing what lies ahead for Ethereum (ETH). The analyst states that regardless of Bitcoin falling, Ethereum is strong enough to retrace the $1,700 level:
Even if DEMA rejects 34 due to BTC’s relative strength, $1,700 still makes sense for Ethereum.
ETH is currently trading at $1,595.51 with +3.54% over the last 24 hours. The charter continues with the BTC/ETH pair, noting that in his view Ethereum seems to be stronger than BTC at the moment. Additionally, he points out that ETH is still above the upper Bollinger bands (BB), a metric used to measure an asset’s price and volatility fluctuations over time:
With this long trigger from the $1,270 breakout, ETH is currently stronger than BTC. BTC remains vulnerable, but ETH is not currently (although we are trading above the upper BB). I would expect everyone to use the daily EMA 34, not just myself. The most significant level has been reached since November.
The last altcoin on Cheds’ radar was Sandbox (SAND). The analyst highlights the metaverse project’s recent recovery after its flash crash in mid-June. Cheds says that SAND price is taking a break in the support zone below.
SAND, the 36th largest cryptocurrency by market cap, was on the decline at the time of writing. According to Cheds’ estimations, SAND will take a break in this area for a while. Meanwhile, it is worth noting that the metaverse coin is not accompanying the current market momentum.
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